Closings held near flat, but gross margin slipped to 19.5% and D.R. Horton cut starts 45% from the prior quarter as demand softened.

Lennar kept volume moving with about 12% incentives, accepting a 15.8% gross margin to work through higher-cost land.

PulteGroup held a 24.8% gross margin while first-time buyers pulled back, and cycle times dropped below 100 days for the first time since before COVID.

NVR’s backlog grew 10%, but gross margin fell to 18.3% and the company wrote off $24.8M of lot deposits on deals that no longer pencil.

Meritage chose a slower sales pace over bigger incentives, held a 17.4% gross margin, and extended its streak of direct cost savings to about 14 quarters.

KB Home’s return to built-to-order is complete, with nearly three-quarters of deliveries sold before start, even as revenue fell 20%.

Toll grew contracts 5% and kept cancellations near 5%, with design studio upgrades and lot premiums averaging $207,000 per home.

Century’s average price fell 10% and gross margin dropped to 15.0%, but the HistoryMaker deal more than tripled its Dallas community count.

M/I Homes kept a 20.9% gross margin with no revolver borrowings, while holding construction cost and cycle time flat from the prior quarter.

Dream Finders posted record third-quarter closings and closed its roughly $2.2B Beazer Homes acquisition, but pre-tax income fell 78%.

LGI grew closings and pre-tax income 10% and 25%, but nearly half its buyers cancelled, mostly because they could not qualify for a mortgage.

Hovnanian posted a small pre-tax loss as it works through older land, while 87% of its lots are now optioned, a company record.